EU deal falls down
Australia’s trade deal with the EU is off the table for now.
Australia's trade negotiations with the European Union (EU) face a significant setback as talks fail to resolve key issues, potentially delaying a deal for at least two years.
The weekend discussions between Trade Minister Don Farrell and EU counterparts during the G7 trade ministers meeting did not yield a breakthrough.
The planned Christmas deadline for the agreement will now be missed, and the EU's upcoming parliamentary elections in 2024 add further delays.
Contentious matters, such as geographical indicators that protect European names like prosecco and feta, remain unresolved.
Agriculture Minister Murray Watt has expressed disappointment, suggesting a deal may not materialise until after the next federal election in early 2025.
The collapse of these negotiations has been attributed to unsatisfactory offers, particularly in the agriculture sector.
While Australia is keen to secure access to EU markets, the EU's reluctance to provide significant improvements has strained the talks.
The disagreement over geographical indications and the protection of European product names has been a major point of contention.
These trade negotiations with the EU, Australia's largest high-income trading bloc with 445 million consumers, are considered crucial as Australia hopes to diversify its trade partners and reduce dependency on China.